Tuesday, May 10, 2022

HMRC is currently sending the annual tax credit renewal packs to some 2.1 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to...

Tuesday, May 10, 2022

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting,...

Tuesday, May 10, 2022

There are a multitude of rules that new businesses must follow when they start employing staff for the first time. These include ensuring registering for PAYE as an employer with HMRC. This must be...

Tuesday, May 10, 2022

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000. ISA’s are a valuable and flexible relief and should be considered as an option for most investors. An...

Tuesday, May 10, 2022

The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of...

Tuesday, May 10, 2022

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in...

Tuesday, May 3, 2022

Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords was restricted to the basic rate of tax. The finance costs restriction was phased in...

Tuesday, May 3, 2022

VAT for most work on houses and flats by builders and similar trades, like plumbers, plasterers and carpenters, is charged at the standard rate of 20%. However, there are a number of exceptions where...

Tuesday, May 3, 2022

There are many benefits to encourage the use of electric cars including lower running costs, the environmental advantages and reduced noise pollution. There are also tax benefits to encourage the...

Tuesday, May 3, 2022

An overdrawn director's loan account is created when a director (or other close family member) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for...

Tuesday, May 3, 2022

HMRC’s internal manuals consider the reliefs available where there is an exchange of joint interests in land. The manuals state that: The exchange of interests in land which are jointly owned by two...

Tuesday, May 3, 2022

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who had died. One of these reliefs is known as Business Relief and is a valuable tax...